According to several reports, Wyre, a cryptocurrency payment company, is in the process of shutting down its operations. The alleged liquidation of Wyre follows Bolt, another payment company, canceling its plan to acquire Wyre in September. However, Wyre CEO Ioannis Giannaros told Axios that the company is “still running” and “just downsizing”.
Wyre Cryptocurrency Payments Firm Reportedly Closed, CEO Denies Reports of Operations Shutting Down
On January 4, 2023, Axios published a report that said, Wyre, the digital currency payment platform, was shutting down the company’s operations. In addition, several other reports on the situation came from former employees and known associates. JD Ross, the founder of the music investment platform Royal.io said:
Looks like Wyre just closed his business. Everyone in our shared Slack channel is muted except the GC. Hearing no compensation.
“We will continue to do everything we can, but I want everyone to be prepared for the fact that we will have to unwind the business over the next two weeks,” CEO Ioannis Giannaros wrote to staff in an email. seen by Axios. News publication reporters Brady Dale and Lucinda Shen said a former Wyre employee named Michael Staib wrote about the situation on Linkedin.
Wyre was considered a profitable business and raised $29.1 million through nine different funding rounds. The company was founded in 2013 by Giannaros and Michael Dunworth and at its peak, Wyre had a valuation of $1.5 billion. Wyre was to be acquired by payments company Bolt, but the deal was called off in September. Shortly after Bolt abandoned the acquisition, Dunworth resigned from Wyre.
At the time, Bolt CEO Maju Kuruvilla said, “We will continue our existing business partnership with Wyre to pave the way for the integration of crypto into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world. .” In an email sent to Axios, Giannaros had no comment on the ending and he further remarked:
We are still operating, but we will reduce our activities to plan our next steps.
What do you think of the news that Wyre has closed operations when the CEO says it’s just to ‘shrink’ operations? Let us know what you think about this topic in the comments section below.
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